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The Rebirth of the Liberal Creed: Paths to
The Rebirth of the Liberal Creed: Paths to

... actions and in their own justifications for the neoliberal turn. This article represents an attempt to deal with these issues by comparing the social and economic sources of the neoliberal transition across several nations (Chile, Mexico, Britain, and France) from the mid-1970s to the mid-1980s. By ...
'Belgian public finances caught up in a war of attrition'
'Belgian public finances caught up in a war of attrition'

... revenues and expenditure are not budgeted on a zero-base each year, but are carried on from previous years, so if economic conditions change – for example long term growth slows, unemployment rises or interest paid on outstanding debt increases etc. – deficits can arise exogenously. Therefore, the k ...
IMF, Debt, Budget, Alternatives - Campaign for Social and Economic
IMF, Debt, Budget, Alternatives - Campaign for Social and Economic

... unfair debt (inappropriate, unacceptable conditions, high interest rates, against national law) and ineffective debt (not fulfilling its purpose). In each case, the lender is felt to be responsible for the debt if they were either aware of a potential problem, or had unused leverage to prevent it. I ...
ECONOMICS
ECONOMICS

... (hence the famous expression “laissez faire”) ...
The Global Financial Crisis: will successful African countries be
The Global Financial Crisis: will successful African countries be

... The effects of the global financial crisis on developing countries will be as high as on developed countries. IMF forecasts for sub-Saharan African growth for 2008 and 2009 have recently been downgraded by between 1-2 percentage points to 5.5% in 2008 and 5.1% in 2009. The revision represents a redu ...
THE PHILOSOPHY OF THE SUFFICIENCY ECONOMY: A CONTRIBUTION TO THE THEORY
THE PHILOSOPHY OF THE SUFFICIENCY ECONOMY: A CONTRIBUTION TO THE THEORY

... Many developing countries and countries with economies in transition adopted the neo-liberal economic policy and the Washington Consensus. ...
GLOBALIZATION OF ECONOMICS AND DEVELOPMENT
GLOBALIZATION OF ECONOMICS AND DEVELOPMENT

... The effects of technologies are: • A possibility and necessity for public production to go out of the national-state frames; • A possibility and necessity for the management of the society to be performed by means of information technologies and communication networks; • Acceleration of the synthes ...
DDD381-caratula copia - Pontificia Universidad Católica del Perú
DDD381-caratula copia - Pontificia Universidad Católica del Perú

... But, how can we explain the loss of external competitiveness and the increase of domestic absorption in relation to total output in the U.S.? In the case of the U.S. loss of external competitiveness, we see such phenomenon as the result of a lag in technological progress and productivity growth, th ...
Sources for the Euro Crisis: Bad Regulation and Weak
Sources for the Euro Crisis: Bad Regulation and Weak

... The third area is the Scandinavian Europe, where there are some countries that are member of the EU but not of the EMU: Denmark, Sweden, and Finland. Norway also belongs to this area, even if it is outside both the EU and the EMU. These four countries are characterized by excellent performance for t ...
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The Impact of Economic Structural Adjustment Programs [ESAPs] on

... accounts for one tenth of the world population, it generates almost half of the world's displaced people and refugees most of whom are women and children. The International monetary Fund (IMF) and World Bank (WB) capitalist model of development operationalized through economic structural adjustment ...
this report - Brookings Institution
this report - Brookings Institution

... could reap the highest returns. For instance, around half of all British savings were channeled abroad over this period, while half of Argentina’s entire capital stock was foreign owned by 1914. Migration was virtually unrestricted, with the exodus of Europeans across the Atlantic mirrored by even l ...
WILL FISCAL POLICY IN THE EURO AREA BE SUFFICIENTLY R
WILL FISCAL POLICY IN THE EURO AREA BE SUFFICIENTLY R

... has generally been found to be a net tax on society with few benefits to offer. However, it is important to make a distinction between public consumption and public investment; the former can be detrimental at high levels, whereas the latter tends to have a positive effect on growth (World Bank, 199 ...
The Financial Crises in East Asia: The cases of Japan, China, South
The Financial Crises in East Asia: The cases of Japan, China, South

... (25 trillion for capital injections, 18 trillion for temporarily nationalizing failed banks) (Kyodo News, October 16th). However, we still need to see whether unhealthy situations are allowed to be sustained to stave off unemployment and the social and political unrest it might cause. 3.2.3. Macroec ...
East Asia: Success and Crisis
East Asia: Success and Crisis

... idiosyncratic factors, have been controlled for. 3. A recent variant to this approach is presented in Arias, Haussmann, and Rigobon (1998) and Forbes and Rigobon (1998), who define contagion more narrowly by requiring an increase in excess comovement in crisis periods. 4. Eichengreen, Rose, and Wypl ...
Presentation for conference on Non-China Developing Asia?
Presentation for conference on Non-China Developing Asia?

... However, given that the authors appear to believe their theory is sufficiently general to characterize much of the international monetary system, and to explain a large share of the U.S. current account deficit, their theory implicitly seems to apply to the other developing economies of the region a ...
what should the bank think about the washington consensus?
what should the bank think about the washington consensus?

... initial source of concern was that the phrase invited the interpretation that the liberalizing economic reforms of the past two decades were imposed by Washington-based institutions like the World Bank1, rather than having resulted from the process of intellectual convergence that I believe underlie ...
Globalization and the compromise of `embedded liberalism`
Globalization and the compromise of `embedded liberalism`

... handling of the poverty issue among the political elite throughout the western world. A fact that can be traced among the international organisations. In 1995 the World Bank realized that it had to modify its approach towards the poverty problem, should it wish to stay an effective organisation. Jam ...
Economía política de la crisis y la regulación financiera
Economía política de la crisis y la regulación financiera

... to finance development were unsuccessful, leaving the task – and the revenues that could be generated with this liquidity – entirely in the hands of the international banking system. If the Bretton Woods accords had remained in effect and financial intermediation had not been under the control of th ...
Economic Strategies For Sustainability
Economic Strategies For Sustainability

... present without compromising the ability of future generations to meet their own needs." How operational is this definition? What economic strategies can promote sustainability? Can the precept adequately define guidelines for policy prescription and ethical principles? Does it ensure justice? Will ...
X Globalization and economic growth in Sub Sahara
X Globalization and economic growth in Sub Sahara

... In contrast to the optimism of the globalization advocates, skeptics contend that high levels of globalization have adverse effects on the domestic economy leading to economic and social inequalities through the negative effects on economic growth (Rao, Tamazian, & Vadlamannati, 2008). In support of ...
Working Paper Series: The Global Energy Market: Comprehensive Strategies to Meet
Working Paper Series: The Global Energy Market: Comprehensive Strategies to Meet

... The high-oil-price episodes in Figure 1 coincided generally with periods of financial turmoil, accompanied with currency and/or banking crises, in the mid 19th century, around the turn of the previous century, prior to the Great Depression, and after 1973. Other subperiods were characterized by rel ...
IOSR Journal Of Humanities And Social Science (IOSR-JHSS)
IOSR Journal Of Humanities And Social Science (IOSR-JHSS)

... It must be acknowledged at this particular juncture, that critics often conflict globalization process driven by the micro-electronic revolution with neo-liberal economic and social policies implemented by the economic and political elite from dominant states and multinational organization (Hirst an ...
The Eurozone crisis: A near-perfect case of mismanagement
The Eurozone crisis: A near-perfect case of mismanagement

... contagion. As we know all too well, contagion still occurred. In fact an argument can be made that the austerity program alarmed the financial markets even more. This can be seen in Figure 4, which displays the interest rate spreads over the German bonds. Finally, the creation of the Troika is diffi ...
To view the presentation of Caroline Galvan
To view the presentation of Caroline Galvan

... and training 6. Goods market efficiency 7. Labor market efficiency 8. Financial market development ...
Lecture 1: Introduction
Lecture 1: Introduction

...  Also, Arthur Lewis and theory of labor surplus in agric – initial industrial growth was “for free,” extra labor resources in economy anyway. ...
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Globalization and Its Discontents

Globalization and Its Discontents is a book published in 2002 by the 2001 Nobel laureate Joseph E. Stiglitz.The book draws on Stiglitz's personal experience as chairman of the Council of Economic Advisers under Bill Clinton from 1993 and chief economist at the World Bank from 1997. During this period Stiglitz became disillusioned with the IMF and other international institutions, which he came to believe acted against the interests of impoverished developing countries. Stiglitz argues that the policies pursued by the IMF are based on neoliberal assumptions that are fundamentally unsound:Behind the free market ideology there is a model, often attributed to Adam Smith, which argues that market forces—the profit motive—drive the economy to efficient outcomes as if by an invisible hand. One of the great achievements of modern economics is to show the sense in which, and the conditions under which, Smith's conclusion is correct. It turns out that these conditions are highly restrictive. Indeed, more recent advances in economic theory—ironically occurring precisely during the period of the most relentless pursuit of the Washington Consensus policies—have shown that whenever information is imperfect and markets incomplete, which is to say always, and especially in developing countries, then the invisible hand works most imperfectly. Significantly, there are desirable government interventions which, in principle, can improve upon the efficiency of the market. These restrictions on the conditions under which markets result in efficiency are important—many of the key activities of government can be understood as responses to the resulting market failures.Stiglitz argues that IMF policies contributed to bringing about the East Asian financial crisis, as well as the Argentine economic crisis. Also noted was the failure of Russia's conversion to a market economy and low levels of development in Sub-Saharan Africa. Specific policies criticised by Stiglitz include fiscal austerity, high interest rates, trade liberalization, and the liberalization of capital markets and insistence on the privatization of state assets.
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